The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1887-06-25
Afternoon Stock Market.
New YORK Stock Exchange.

Exchange this morning became ex-
| tremely active and excited with heavy
declines. The market opened with a
feeling OF confidence IN many stocks
which suffered so severely yesterday,
and large supporting orders were given
all over the room. In a few moments
| there was a very heavy selling apparent
Reports were circulated that Jay Gould
was dead, and there had been a falling
out between Jay Gould and Russell
Sage and Cyrus w. Field. At the same
time some heavy blocks of Manhattan
stock were offered, causing the prices
OF that stock to break from 1.76% to12O.
| The room was crowded with brokers and
| the decline brought out selling orders in
| all classes of securities. Western Union
began to break. About IL O'Clock the
bottom fell out, and in fifteen minutes
dropped eight points. The fall in other
stocks was correspondingly great. The
greatest excitement was IN the loan
crowd, where many inquiries were
made for loans on call, but the parties
prominent in loaning money refused to
lend any amount, no matter how small.
The excitement reached the greatest
height shortly before noon, and veri-
table panic was developed. No atten
ton was paid by brokers to fractions in
the sales made by them, and fluctua-
tions were so wild that sales were some
times from to 10 per cent. apart. The
stocks bought near the opening were
thrown over when the break occurred.
and this selling completely demoralized
spectators.
Wall Street was the scene of more
excitement than has been witnessed
since the May panic of 1855. The great
est declines recorded were Manhattan
40% points, Missouri Pacific II, Western
Union s. Cotton Seed Z, Richmond Ter
minal ~. New England and Lake
Erie d Western increased. Short in
terest saved room from money panic
by its demand for stocks for delivery
and some large operators entered mar
ket and began buying freely. They
soon gathered large force and and buy
ing turned the market almost as
rapidly as 1t had fallen and stock |
took long jumps back to former prices. |
Manhattan recovered per cent. of its |
loss, and the other stocks generally re-
covered about half the decline recorded. |
Gould strongly denies that he and Field |
had quarreled, and says they are as |
good friends as ever.
m.-The only failures reported |
SO far, resulting from the break in the
SlOSh ld4 hCtI WC4C lASOA4oO1lO dGCO CA
change. Three thousand shares OF |
various stocks were sold for account.
Thomas Murphy was unable 10 respond
to the call for more margins, aud some
small lots were closed out for a broker
named Casey, who was reported sick
and unable to appear. Money is ruling
steadily at l per cent. day, and in
terest equal to SO per cent. per annum.
When the delivery hour passed at the
Stock Exchange without the announce
ment of any failure. the street became
more confident, and buying orders
were received from all sources
The bears attempted to cover at the
same time that the big operators began
TO buy, and the consequence was that
almost all the loss sustained during the !
panic of the morning was regained.
The trading for the day was the liVeliest l
hat is remembered, the whole list hav-
ng declined and rallied from to 20 per
cent. The feeling is now more confident,
md it is generally thought that the =
osses are widely scattered throughout :
he country and not confined TO the !
,ity, as in previous panics. Money is !
till as scarce as ever at the high rates
charged, and this is considered the ;
worst features of the market. =
3p.m.-Market closed firm, but quiet, :
It advance.
Thomas Murphy has announced he :
will settle all claims in full. Cyrus W.
rieId saws there is no truth in the ru-
nor that he and Jay Gould and Russell
age have fallen out; he claims they are l
n the best of terms.
The stock market was subjected to-
ay to one OF the heaviest drives ever
nown in its history, and although its
uration was short-about an hour and
half-the depression caused IN prices
uring the time was something unprece-
ented. The market early in the morn
lg gave no indication of anything I'M
sual, although the prices were heavy.
be same quiet business usual OF late
as transacted. Suddenly, shortly after
| a. m, the attack was begun, Gould
tocks being the particular object OF at
sntion, Manhattan was quickly 1
larked down from 1861 to $50, Mis-
1uri Pacific from 105H TO 90, and Wes-
,rn Union from 1873 to 6717 Rumors
ere circulated at the same time
a disagreement between Gould, Field
nd Sage. Later this was followed 0y
.ports of the death of the frst-named
sntleman. The money market was not <
eelected, but rates marked up 5H ana -
Iterest. a tremendous selling move
ent began. which soon became
anic, ard fluctuations were no longer
,nfned to fractions, but prices dropped
some cases 2 and per cent. 81
me, The stories in regard to 0ouid n
ION met with 8 denial, and professional
ears were influential N stopping A
wild sales of securities. Inc otper N
lmors which were set ahoat were as Pc
loved and liberal buying soon restored gi
fairs. Free recovery followed In all &C
,ceot few conspicuously weak stocks, 40
nopg which Manhattan & Richmond lie
nd West Point were most conspicuous.
be specialties were not sharers to any